BitMine Acquires $127M in ETH as Treasury Firms Increase Holdings
With its latest of 25,369 ETH worth $127 million, BitMine has cemented its place as the top player in ETH treasury management. The deal involved transferring 25,369 ETH from FalconX to a new corporate wallet and 4,985 ETH from OKX to a new BitMine address, all of which occurred within 24 hours.
now owns almost 2.65 million ETH, which is worth more than $10.8 billion, representing 2.19% of ETH’s current circulating supply. Tom Lee, the company’s chairman, has set an ambitious goal: to control up to 5% of all ETH’s supply, using network effects and long-term value to boost the company’s balance sheet.
The Arms Race for Institutional ETH Treasury
BitMine’s aggressive purchaseing strategy is making other treasury companies increase the amount of ETH they hold. , another large player in the industry, has announced a $100 million convertible note sale. The company plans to use almost all of the money to purchase ETH. This comes later than BitDigital made a significant strategic shift from BTC mining to an “ETH-first” business, focusing on direct exposure and staking reward prospects.
BitDigital is currently the seventh-largest corporate ETH holder, with over 120,000 ETH in its , which is worth more than $484 million. The company is raising funds from both debt and equity, which demonstrates its commitment to attracting more users to ETH and expanding the blockchain in the future.
Companies’ ETH Holdings Are Close To $22 Billion
The most recent surge in institutional interest has increased corporate to over 5.5 million ETH, valued at approximately $22 billion. The continued accumulation by companies like BitMine and BitDigital demonstrates that ETH is not only a valuable treasury asset but also has the potential to generate income, appreciate over time, and prove useful.
ETH as a Top Treasury Asset
The fact that more and more businesses are rushing to acquire large amounts of ETH indicates that ETH is gaining popularity beyond the IT and financial sectors. Companies that want to win largeger stakes are turning ETH into a key treasury asset. This is shifting the market narrative from -focused tactics to ones that incorporate cryptocurrency in institutional finance even further.
